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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 394 7,542 Turkey ISE National 100 195 59,941 Kuwait SE WT.INDEX 106 420 Qatar(QE Index) 98 8,653 Abu Dhabi (ADI) 74 2,512 Morocco (CAI) 57 10,338 Dubai (DFMGI) 51 1,660 Egypt (Hermes) 57 489 Jordan (Amman) 24 4,708 Bahrain (BAX) 17 1,148 Oman(Muscat SM) 14 5,914 Lebanon (BSE) 13 1,177 Emerging Markets MSCI EM Index 4,055 1,001 MSCI BRIC Index 1,758 971 Shanghai A Share Index 2,570 2,521 SENSEX Index (India) 549 17,151 S&P GCC Composite 256 102 Developed Markets MSCI WORLD Index 32,263 827 US (S&P 500) 12,841 1,391 UK (FTSE) 2,591 5,719 Japan (Nikkei 225) 2,262 9,561 France (CAC) 1,108 3,233 Germany (DAX) 928 6,705

*

2011 P/E Div. % TTM Yield

Chg (%)

MTD %

YTD %

0.39 0.39 -0.42 -0.13 0.28 -0.27 -0.59 0.00 0.07 -0.04 -0.65 0.66

-3.75 -3.98 -0.16 -1.57 -1.60 -5.57 0.69 -1.15 0.34 -0.42 3.93 -3.85

17.51 16.92 3.43 -1.44 4.58 -6.25 22.67 28.19 1.28 0.34 3.84 0.04

-3 -22 -16 1 -12 -13 -17 -42 -13 -20 -16 -20

13 10 15 9 8 11 11 10 13 8 14 10

3.7 2.5 3.3 4.4 6.1 3.9 4.1 4.1 4.7 5.3 6.0 0.5

Interest rate watch

0.07 -0.29 0.75 -0.33 0.10

-2.86 -3.16 6.36 -1.45 -3.28

10.69 10.31 9.40 10.98 10.93

-21 -26 -22 -25 -8

12 10 13 14 12

2.7 2.8 2.1 1.5 3.7

Yield curve watch

0.99 1.36 0.16 0.98 2.02 1.73

-2.11 -1.26 -0.86 -5.18 -5.56 -3.49

9.21 10.58 2.63 13.08 2.33 13.67

-10 0 -6 -17 -17 -15

15 17 11 17 10 12

2.6 2.2 4.2 2.0 4.4 3.7

- P/E & Div. Yield for GCC as per Zawya

Barclays US treas. 10 Yr JP Morgan Em Bond ETF HSBC/Nasd. Dub GCC $ T.Ret

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

118.52 119.51 364.29 121.99 202.50 358.86

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 94.04 148.50 89.96 509.90 319.53 146.93 90.16 290.50 143.00 387.62 220.22

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.50 0.49 Saudi 0.45 0.49 UAE 0.25 0.49 Qatar 0.30 0.49 Oman 0.30 0.49 Bahrain 0.35 0.49 Last FOMC Meeting Date: Apr 24-25

Libor (In %)

Diff FY11 Diff 0.01 0.04 -0.04 -0.08 -0.24 0.03 -0.19 0.05 -0.19 0.03 -0.14 -0.17 Next FOMC Meet Date: Jun 19-20

US Treasuries

(In %)

KIBOR yield curve (%)

Fixed Income Watch

Last 232 113 137

26 April, 2012

5 – year CDS (USD) watch (bps)

Chg (%) MTD % -0.15 1.96 0.19 0.83 0.00 0.39

YTD % 0.32 4.25 3.09

2011 231.43 108.36 133.00

2011% 15 2 8

2011

2011%

Commodity/Currency/Volatility Watch Precious Metals Gold $/oz Silver $/oz IPE Brent $/bbl CRB Commodity Index Volatility & Currency CBOE VIX index USD (1 EUR =) Yen (1 USD =) KWD (1 USD =) KWD (1 EUR =)

Blue chip watch

Close

Chg (%) MTD % YTD %

1,643.98 30.69 119.12 489.19

0.14 -0.32 0.81 0.01

-1.43 -4.72 -3.00 -1.61

5.11 10.48 10.93 1.49

1564.11 27.78 107.38 482.01

10 -10 14 -7

16.82 1.32 81.32 0.2776 0.3671 *1Q12

-7.07 -0.20 -0.04 0.03 -0.19

8.52 0.92 1.81 -0.05 0.87

-28.12 -2.01 -5.41 0.22 -1.80

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Corporate earnings watch Company Name

Dubai Isl Ins & Reins Munshaat Real Estate Nat Mobile Telecom Oman Cement Co

Earnings Type

Country

PFY

% Ch

3M

UAE

AED(Mn)

5.59

-9.09

N.M.

12M

Kwt

KWD(Mn)

-13.64

-19.2

N.M.

3M

Kwt

KWD(Mn)

28.3

283.1

-90

Currency

LFY

Oman 3M OMR(Mn) 5.7 4.15 38 M. % % P PAT (Mn) Cap Pct M Y 2011 / Div Last % Gr (USD Chg T T % E yield 4Q11 Companies News & Views YoY Bn) D D (ttm)  Kuwait's current account surplus surged 78% in 2011 mainly due to a Saudi Arabia (SAR) jump in exports, the central bank said. The current account booked a SABIC 82 102.8 0.2 -4.9 7 -8 11 4.9 7,270 -5* surplus of KWD 19.5bn ($70.3bn) in 2011, or 54.8% of 2010 GDP, Al-Rajhi Bank 31 78.5 0.6 -5.1 13 -16 16 4.2 2,011 18* compared to KWD 10.98bn in 2010.  Kuwait's National Assembly rejected a draft bill on the KWD 30bn Saudi Telecom 23 42.4 -0.5 3.9 25 -21 10 4.7 2,521 60* ($108bn) development plan as opposition deputies accused the Saudi Electricity Co. 15 13.8 0.0 -14.1 -1 -1 24 5.1 -583 NM* government of failing to make progress on major investments it provides Samba Fin. Group 12 50.5 -0.5 -11.0 8 -24 11 3.3 943 5 for. Details of the plan must be voted on each year and parliamentarians United Arab Emirates (AED) rejected the part of the plan for FY 2012-13. ETISALAT 19 8.8 0.5 -1.6 -4 -15 12 6.9 704 -65  Saudi Arabia's state-run Grain Silos & Flour Mills Organization, said it has NBAD 9 8.7 0.9 -0.1 9 12 9 3.5 724 -1 issued a tender to buy 440,000 tons of hard wheat to be delivered First Gulf Bank 7 9.0 -1.0 -7.1 17 -11 7 11.1 1,022 18 between July and September. The board set Friday as the last day to Emirates NBD 4 2.8 -2.8 -7.9 -4 7 9 7.1 2,531 523 receive bids.  Saudi Kayan said it plans a preliminary study for a polyethylene factory at Emaar Properties 5 3.3 -0.6 8.3 28 -28 11 3.0 717 162 its complex in Jubail Industrial City. The factory, which would use raw Kuwait (KWD) material from SABIC's ethylene olefins plant, is part of an effort to 11 0.7 -1.3 -8.6 -18 -41 11 8.8 75 -14 ZAIN increase operational efficiency and maximize use of internal resources. 17 1.1 0.0 0.0 6 -14 15 3.7 81 0* NBK  The Government of Dubai has launched a two-tranche, $1.25bn Sukuk, 8 0.7 -1.3 -5.1 -11 -16 26 2.0 10 10 KFH after receiving strong demand, a banker said. The 5-year tranche of Gulf Bank 4 0.4 -1.1 -4.3 -9 -11 37 0.0 31 252 $600mn will yield 4.9%, while the 10-year tranche of $650mn will yield 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM Comm. Bk. Kuwait 6.45% Qatar (QAR)  Dubai-based Drake & Scull International said, a wholly-owned subsidiary Industries Qatar 22 144.8 0.0 3.1 9 -4 10 5.2 1,907 -9* has secured AED 470mn ($128mn) sub-contract for infrastructure work at a pumping station in Abu Dhabi. 26 133.4 -0.1 -1.3 -3 14 11 3.0 2,004 17* QNB  In its latest Article IV report on Bahrain, the IMF said that Bahrain needs 14 19.1 -0.5 -4.3 -14 -27 146 0.8 144 NM Ezdan Real Est. Co. to restore confidence in its economy by stabilizing its political situation 8 129.0 0.1 -4.4 19 -5 11 2.3 603 33 Q-TEL and addressing fiscal imbalances with the introduction of new taxes 5 73.0 -0.9 -4.9 -13 -9 9 8.2 0 -100 Comr’cial Bk of Qatar 1 Note: Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon – Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>. This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: research@markaz.com


DMB26042012